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Switch between variable & fixed interest rates

When you apply for your home loan, one of your key decisions is to choose a fixed interest rate, a variable interest rate, or a combination of both. Throughout the life of your home loan, you’ll have the opportunity to switch between a fixed or variable interest rate, or to switch to a split rate home loan.


 

Each type of loan offers benefits so you can decide which suits your individual situation and your outlook on interest rate movements.  If you currently have a Bank of Melbourne variable rate home loan and think a fixed rate is a better fit, we can help you make the switch or you can do this via internet banking.


 

Thinking about switching? Want some advice?

Talk to an expert
Speak to one of our home loan experts on 13 22 66 to learn about ways that we can help you manage your finances, including switch between fixed and variable rates.
Request a call back
Our Concierge will call you back at a time that suits you, Monday to Saturday. Request a call back
Visit a branch
You can also drop by a Bank of Melbourne branch to apply.


The Detail

The information on our website is prepared without knowing your personal financial circumstances. Before you act on this or any advice, please consider if it’s right for you. If you need help, call 13 22 66.

1 Rate lock requests are subject to our approval. Fees apply.

2 Redraw requests are subject to our approval. Redraw Limits for Fixed rate loans commenced before 17 May 2020: During a fixed rate period, you can only redraw up to $10,000 in each 12 month period. For this purpose, a “12 month period” is the period from the date the fixed rate period started to the first anniversary of that date and each consecutive 12 months after that, during the fixed rate period. Redraw Limits for Fixed rate loans commenced on or after 17 May 2020: During a fixed rate period, you can only redraw available funds that you have paid into the loan during your fixed rate period, up to the prepayment threshold. For more information on the prepayment threshold see the Break costs section. 

3 Where a fixed rate term applies, after the fixed rate period expires, the interest rate will revert to the applicable standard variable rate for the loan category and repayment type.